March 2010 Union County Lots – Acreage Market Report

March 23, 2010

If there is any good news at all concerning the Union County Lots and Acreage Real Estate Market, it is that inventory is down. The number of new properties listed by month is down a staggering 90%, a change of 192 fewer listings from this time last year. The total number of Properties For Sale in Blairsville is down 12%, a change of 219.

If that wasn’t enough good news, then how about the fact that the Median Sold Price by month was up as well, 16% with an average increase of $4,500. Not much, not near enough, but none the less a positive increase. The number of units sold however was down 38%, a decrease of 5 from February of last year. Also, the number of units that went under contract was down 29%, but only a decrease of 2 properties.

The average Days On Market (DOM) continues to increase, up 17% to 240 days. That also causes the Absorption Rate to increase as well. The average Month Supply of Inventory is up 21% to an incredible 299 months supply of Vacant Lots For Sale in Blairsville, GA. Let me do the math for you. That means that at current market conditions, and taking into consideration that we do not have any additional lots enter the Union County Real Estate Market, it would take almost 25 years to deplete our inventory. Wow! I have a funny feeling that these Bank Closures might cause this time frame to speed up just a little. What do you think?